The US housing market has been on bit of a downer for a while now, related is of course that the Dollar has lost substantial value against other currencies too as well. House prices are a strong indicator of 'general' economic trends and the US is on the 'downer' side of things. Usually, what happens in the USA later gets reflected in other countries/economies too - when is the big question!
Currently, the UK housing market has remained 'strong' and growing, even though slower than previously with the last interest rate hike taking bite. It's been widely predicted that rates will rise up to 6% before the end of the year if the 'current' trend of growth increases (along with other elements of the economy) - if they slow, or reverse, maybe we wont get those interest rate rises to 6%?! who knows, just have to keep a close eye on things.
Repossesions have always occured, the fact there's more of them now is down to 2 things - government legislation (economy etc) and the fact more and more people mortgage and get themselves into ever increasing levels of Debt without thinking long term. For ANY politician to start saying 'we cannot stand idly by as americans (or the brits or the french or german or italians or anyone!) have thier homes taken away is hiding the fact that it was partly down to people like them putting them there in the first place!
In the long term, I just hope thier isn't a 'crash' like 1989, but a gradual reduction which is more manageable.
Cheers! DtM! West London & Slough UK!
